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NY A05906
Bill
Status
2/23/2009
Primary Sponsor
Matthew Titone
Click for details
AI Summary
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Banking institutions in New York State must accept statutory short form powers of attorney executed in accordance with General Obligations Law Section 5-1501B, with refusal to do so deemed unlawful.
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Banks and their officers, agents, and employees are protected from liability when acting upon a properly executed statutory short form power of attorney unless they receive actual written notice of revocation or termination at the office where the account is located.
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Powers of attorney that contain language indicating the principal's intent for the authority to survive subsequent disability or incompetence shall remain valid and exercisable despite the principal's disability or incompetence.
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Acts performed by an attorney-in-fact under a power of attorney that survives disability have the same legal effect as if the principal remained competent, and bind the principal and heirs.
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If a committee or conservator is appointed for a disabled principal, the attorney-in-fact must account to the committee or conservator, which may revoke or suspend the power of attorney.
Legislative Description
Requires all banking institutions in the state to accept a statutory short form power of attorney and powers of attorney which survive disability or incompetence; references existing provisions relating to powers of attorney in the general obligations law; holds banks harmless for such acceptance unless they have actual written notice of revocation or termination.
Last Action
referred to banks
1/6/2010